Economy category powered by

Growth rate of the Cypriot economy estimated at 3.4% in 2024

The growth rate of the economy in 2024 is estimated at 3.4%, CySTAT reports.

According to the first estimate for the year 2024, the growth rate of the economy in 2024 is positive and is estimated at 3.4% in real terms (volume measures), it notes.

At current prices, the percentage change in Gross Domestic Product (GDP) amounts to 6.6%. 

Regarding the production approach for the estimation of GDP in real terms, the positive growth rate is mainly attributed to the sectors: "Hotels and Restaurants", “Information and communication”, “Construction” and “Wholesale and retail trade; repair of motor vehicles and motorcycles”.

4th quarter 2024, growth rate 2.6%

Meanwhile, CySTAT announced that the GDP growth rate in real terms during the fourth quarter of 2024 is positive and it is estimated at 2.6% over the corresponding quarter of 2023. 

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 2.9%. 

Regarding the production approach for the estimation of GDP, the positive growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Wholesale and Retail Trade, Repair of Motor Vehicles" and "Information and Communication". The "Construction" activities recorded a negative growth rate.

(Source: CNA)

Read More

We enjoy a very strong relationship with Cyprus, advisor to Qatari Prime Minister says
Cyprus expects competent agency to implement GSI, Energy Minister says
Cypriots see business opportunities but fear failure, according to survey
Industrial production up 4.3% y-o-y in first two months of 2025
Tourism revenues are soaring: 35% increase to €148.9m in the first two months of 2025
Petroleum product sales down by 2.3% in Q1
Proper management leads to opportunities in digital era, Labour Inspection Department says
ACTTA President Charis Papacharalambous on how Cyprus can become a year-round destination
Cyprus economic outlook positive but slowing, according to CCLEI index
Stelios Demetriou: Multi-level benefits from Cyprus's accession to the Schengen Zone